H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash5

Date

total2

nonborrowed

required

Monetary base3

Reserve balances with F.R Banks4

total

used to satisfy required reserves6

surplus7

Net carryover of reserve balances8

2002-Mar.

40333

40254

38912

658753

9124

42636

31209

11427

Apr.

40941

40871

39730

663354

9719

42016

31222

10794

May

40292

40180

39030

668123

9188

41819

31104

10716

June

38617

38474

37378

673012

7923

41655

30694

10961

July

39412

39220

38038

678976

8099

42718

31313

11406

Aug.

39854

39521

38217

679548

8520

42892

31335

11557

Sep.

38907

38678

37431

679956

8731

42231

30176

12055

Oct.

38685

38542

37134

681833

8836

42933

29849

13084

Nov.

39141

38870

37525

687226

9695

42144

29446

12698

Dec.

40173

40093

38176

697088

9873

43334

30300

13033

2003-Jan.

42743

42716

41082

699181

10004

46210

32738

13471

Feb.

41873

41848

39966

700960

9807

45939

32066

13873

Mar. p

40559

40537

38950

706481

9816

43086

30742

12344

Two weeks ending

2003-Feb. 5

44714

44681

43196

697553

9336

50026

35378

14648

277

19

40342

40317

38009

700625

9431

46005

30911

15095

48

Mar. 5

42678

42657

41215

703375

10654

43567

32024

11543

100

19

38863

38832

37205

703787

9494

42203

29369

12834

137

Apr. 2p

41654

41644

40044

710919

9844

43916

31811

12106

285

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.